Yeshiva pays $2.7M to Joel Jacobowitz for office building in Borough Park

Yeshiva Ketane Imrei Chaim Viznitz of Boro Park paid $2.7 million to Joel Jacobowitz through the entity Fishbowl Property LLC for the office building (O7) at 1143 60th Street in Borough Park, Brooklyn.
The deal closed on June 15, 2023 and was recorded on June 22, 2023. The property has 3,200 square feet of built space and 801 square feet of additional air rights for a total buildable of 4,006 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $843 and the price per buildable square foot is $673 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on April 14, 2021, for $1.7 million. The signatory for Joel Jacobowitz was Joel Jacobowitz. The signatory for Yeshiva Ketane Imrei Chaim Viznitz Of Boro Park was Isaac Beck.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yeshiva Ketane Imrei Chaim Viznitz of Boro Park purchased one property in one transactions for a total of $3.1 million and has no record it sold any properties over the past 24 months.
The seller Joel Jacobowitz had not purchased any other properties and sold one properties in one transactions for a total of $2.6 million over the same time period. The 3,200-square-foot property generated revenue of $100,224 or $31 per square foot, according to the most recent income and expense figures.

The property

The office building in Borough Park has 3,200 square feet of built space and 801 square feet of additional air rights for a total buildable of 4,006 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,006 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $521,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 1.2 times the average sales volume among other neighborhoods with $439.4 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 829,269 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 16 commercial properties representing 2,480 square feet of the 52,688 square feet. The two identified owners are Tsun Suen Wong and City Of New York.
On the tax block, there was one new building construction project filed totaling 4,000 square feet. It is a 4,000 square-foot industrial (F-2) building submitted by Vincent Huang with plans filed November 11, 2020 and it has not been permitted yet.

The majority, or 36 percent of the 52,688 square feet of built space are industrial buildings, with mixed-use buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Joel Jacobowitz owned at least 10 commercial properties with 73 residential units in New York City with 61,074 square feet and a city-determined market value of $12.8 million. (Market value is typically about 50% of actual value.) The portfolio has $17.8 million in debt, borrowed from Arbor Realty Trust and Kearny Bank. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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